From Numbers to Narratives: The Evolution of Accountants into Master Storytellers with Peter Margaritis

“Everyone in the accounting industry talks the lingo, the foreign language of accounting. We know what we're talking about. But, for our clients, most of them don’t. It’s our job to help them understand by translating our technical jargon into something simpler.” – Peter Margaritis, CSP, CPA

The finer details of this episode:

• Importance of communication and storytelling skills for accountants
• Translating technical accounting language into plain English for clients
• Understanding and connecting with clients on a personal level
• Efforts at Oklahoma State University to incorporate communication and client service skills into the accounting curriculum
• Developing communication skills in the classroom
• Tailoring communication to different personality types and communication styles in client interactions
• Significance of non-verbal communication, particularly in virtual environments
• Soft skills and power skills for young accountants
• Principles of improvisation and its relevance to client interactions and teamwork
• Balancing future-oriented thinking with present-focused awareness

Episode resources:

• Summit Virtual CFO by Anders website: https://www.summitcpa.net/
• Email us with questions or if you’d like to be a guest on the show: youngcpasuccessshow@anderscpa.com
• We’re hiring! Check out our open positions: https://www.summitcpa.net/career-opportunities
• Connect with Peter here: https://www.linkedin.com/in/petermargaritis/
• Check out The Accidental Accountant here: https://petermargaritis.com/

Timestamps:

The importance of communication and translation (00:00:22)

Discussion on the vital role of accountants in translating technical language for business owners and the need for young accountants to develop communication skills.

Incorporating communication skills in accounting education (00:01:13)

The efforts at Oklahoma State University to include professional development workshops in the accounting curriculum to prepare students for effective communication.

Translating technical language into plain English (00:02:33)

A real-life example illustrating the consequences of failing to communicate technical accounting language to a business owner and the need for accountants to bridge this gap.

Challenges in learning storytelling skills (00:04:35)

The difficulties young accountants face in learning storytelling skills and the importance of understanding and connecting with clients on a personal level.

Starting to learn storytelling skills (00:05:57)

The suggestion to practice explaining accounting tasks to friends and family in simpler terms as a starting point for developing storytelling skills.

Tailoring the message to the audience (00:07:41)

The necessity for accountants to tailor their message to the audience, along with strategies for understanding the language of the person being communicated with.

Resistance to incorporating communication in accounting education (00:10:54)

Discussion on the resistance and challenges faced in integrating communication skills into accounting education at the university level.

Changing perceptions of accounting through storytelling (00:13:54)

The potential impact of changing the way accountants communicate about their profession to high school students to attract more individuals to the accounting field.

Impact of storytelling in changing perceptions about accounting (00:15:18)

How storytelling and sharing personal experiences in accounting can change students' perceptions about the profession and attract them to consider accounting as a career.

Building rapport with clients through language understanding (00:17:54)

The importance of understanding the language and buzzwords of different industries to build rapport with clients and connect with them on a deeper level.

Connecting with clients through personal stories (00:19:29)

The significance of finding a connection with clients through personal stories and interests, and the impact it has on building relationships.

The connection and trust-building in client relationships (00:20:07)

Importance of genuine connection for developing trust with clients, leading to better understanding and communication.

Understanding and adapting to different client personalities (00:20:59)

Discussion on using the DISC personality assessment to understand and adapt to different client personalities for effective communication.

Importance of body language in virtual communication (00:26:20)

Emphasizing the significance of turning on the camera in virtual meetings to convey engagement and avoid misinterpretations.

Flexibility and teamwork in communication (00:28:25)

Recognizing the value of complementary skill sets and adaptability in teamwork and communication.

The impact of attitude and improvisation in daily interactions (00:33:47)

Highlighting the significance of maintaining a positive attitude and being present in daily interactions, drawing parallels with improvisation techniques.

The art of consulting and understanding client needs (00:37:21)

Drawing parallels between improv skills and consulting, emphasizing the importance of understanding and adapting to client needs.

Intentional focus on present space and personal growth (00:38:13)

Recognizing the need for intentional focus on living in the present and improving current circumstances for personal growth.

The importance of preparation (00:39:19)

Discussion on the significance of overpreparing and then improvising in presentations and speeches.

The power of storytelling (00:40:15)

Exploration of Martin Luther King's improvisation during the "I have a dream" speech and the impact of storytelling on evoking emotions.

The art of public speaking (00:42:13)

The importance of overpreparation for public speaking and the ability to pivot and connect with the audience.

The impact of storytelling (00:43:15)

The value of storytelling in aligning emotions with data and making a lasting impression on clients.

The art of storytelling (00:44:30)

Discussion on the art of storytelling, including the need for stories to be true and emotional rather than just factual.

The role of emotions in decision-making (00:45:16)

The influence of emotions on decision-making and the importance of aligning emotions with data in client interactions.

Personal interests and hobbies (00:46:33)

Insight into the personal life and hobbies of Peter, including writing, biking, and stand-up comedy.

Connecting with the audience (00:50:15)

Peter's contact information and a light-hearted exchange about connecting with him outside the show.